‘Big Move Ahead’ – Crypto Analyst Unveils Forecast for Bitcoin as BTC Consolidates at $30,000
A widely respected crypto analyst says Bitcoin (BTC) is likely in the middle of a long consolidation process that will eventually result in a major bullish move.
Pseudonymous altcoin trader Sherpa tells its 196,100 Twitter followers that it could be around eight months before the next Bitcoin bull run.
“I wanted to look at a larger time frame to see where things are macroeconomically; I think most of 2023 will be pretty choppy. We’ve had a nice uptrend, of course, but there will be weeks/months of consolidation.”
The trader says that Bitcoin’s price action on the weekly timeframe chart looks bullish and is above its major exponential moving averages (EMAs), similar to 2019.
“We can see within a week that all EMAs are clustering and tightening. This usually means that the price is going down and a big move is about to happen; It is also important to see that the price is above all EMAs for the first time in a year and is bullish. Reminds me a bit of 2019.”
Source: Sherpa/Twitter
Sherpa says Bitcoin could trade in a wide range between a $40,000 ceiling and a $15,000 floor during a month-long consolidation phase.
“It wouldn’t surprise me at all to see a structure between $35,000-$40,000 as the high and $15,000-$20,000 as the low. I could see a lot of downside and consolidation by the end of 2023 and hope to see some upside in early 2024.”
Source: Sherpa/Twitter
The trader predicts there will be minor Bitcoin and altcoin rallies leading to an ongoing bull market for the top crypto asset by market cap sometime in early 2024.
“There will be a lot of sharp rises from time to time, but I think it’s going to be at least six to eight months and more before we see any sort of full blown bull market (and possibly even longer). We will have mini altszns (altcoin seasons), similar to 2019.
But I don’t think it’s going to be a huge retail-heavy casino for a while longer. It’s best to save money and trade/invest in the environments you like, otherwise probably just get on the grass and enjoy the summer. Don’t lose all your money before the bull market hits.”
Bitcoin is trading at $30,270 at the time of writing, down 0.1% over the past 24 hours.
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